In present economic environment, it is very essential that we save money, and at the same time maintain the quality of our life. Saving money does not mean that we compromise with the standard of living and manage to live without the things that we want. By being a little practical and making sensible choices, you can live the way you wish too. In other words, let say, it is better to buy programmable thermostat, than scrapping the whole idea of getting one due to its high selling price.
When people buy a house or any other property, they not only look at it total cost, but also the recurring expenses required to maintain it in a good condition. Sometimes, for a beautiful house in a posh locality, you will end up paying huge taxes. On the other hand, at times, you may end up spending too much money on nonfunctional heating system, leakages and others. Some of the houses may also have high insurance premiums. Thus, it is recommended that you consider all the possible aspect where you need not have to spend your hard earned money unnecessarily and then, finalize the deal.
In order to check the monthly recurring expenses on the poetry you buy, you must consider the following list of items:
- Property Taxes
- Mortgage loan payment
- Insurance
- HOA dues
- Electricity
- Heat
- Water ( if lawn size is very big)
- Location of your work place
- Other maintenance costHere are some of the other ways you could cut down on your household expenses:
- Turning off your automated sprinkler during the rainy season can help you save on it repair and power.
- Purchase generic foods items.
- Instead of using expensive cleaner use vinegar or other discounted ones.
- Buy groceries for a month or fortnight, as purchasing household items in bulk could get you a good deal.
- Carpooling is the best practice that you can follow while travelling to work, school and other places.
- Buying a vehicle that gives you enough mileage, so that you do not over spend on fuel quite often.
- You could dry your clothes in your back yard, rather than spending money on buying an electric dryer and waste energy.
- Maintain your garden in such a way that you need less water to keep it lush green.
- Replace your incandescent bulbs with fluorescent lamps.
- Get an insurance policy, which is reliable and cheaper with good selective features.
- Opting for consolidation of loans or refinancing could help you pay it at affordable interest rates.
This list can go on and on, but you must choose only the ones that fit into your criteria. If the cost saving in any of the above list is not significant, then you need not bother about it.Broadly, you could categorize your monthly in two different categories, namely essential and miscellaneous. Jot down what are the unavoidable expenses every month and the things that you are overspending on. This activity will give you a real picture of how you can cut down on all the items that are of no use to you.
Also, you could choose to opt for some kind of membership, wherein the stores offer goods at cheap price to their customer. Before heading to a shopping mall, make a list of all the things that you need through the month. This will save your time and money on often going to the market.
Thus, in a nutshell, you can say that there is no need bring down your standard of living to save a few dollars every month.
Author’s Bio: You can secure your financial future in 2 possible ways. One is by finding additional income sources, and the other is finding ways to save more. You might also posts on motor trade insurance written by Russell B Rabichev.